As part of its asset recycling strategy, CapitaLand is divesting its stake in the group of companies that own and manage the group’s self-storage business StorHub to an unrelated third party.
The sales price was S$179 million ($132 million).
“The divestment of StorHub is in line with CapitaLand’s disciplined approach towards capital recycling,” said Jason Leow, president and CEO of Singapore & International, CapitaLand Group. “In 2018, CapitaLand divested $4 billion worth of assets and deployed $6.11 billion into new investments. We will stay disciplined in recycling our assets for reinvestment and capital redeployment, with an annual divestment target of at least $3 billion.”
StorHub is one of Singapore’s largest self-storage networks, with a presence in China. Its portfolio comprises 12 storage facilities, 11 in Singapore and one in Shanghai — with a total lettable area of 800,000 square feet.
CapitaLand reportedly acquired a majorit
